A certain amount of money was deposited at a certain compound interest rate p.a. for 2 years, if the total amount was increased by 10.25%, what
was the interest rate?
Maths
2009-10-03 8:27 pm
回答 (1)
2009-10-03 8:41 pm
✔ 最佳答案
Let principle be P, so amount = P(1 + 10.25%) = 1.1025Pso 1.1025P = P(1 + r)^2
sqrt (1.1025) = 1 + r
1.05 = 1 + r
r = 0.05 = 5%.
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